Family Protection
Family protection plan can help provide peace of mind that the plan holder and family will have some financial protection in the events of death, illness and injury. The plan benefit can provide assistance with things like mortgage payments, care of disabled loved ones and basic needs like food and childcare. Ultimately it could allow the plan holder and family to maintain their current standard of living without worrying about the lost income.
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Determine the total amount of coverage need for you and your family.
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Liabilities (mortgages, loans, estate taxes, medical expenses, long term care expenses)
+ Income Replacement (10x-15x of annual income)
+ Education
+ Final expenses
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Determine the total amount of assets you already have.
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Savings (cash, bank accounts)
+ Investments (stock, real estate)
+ Life Insurance with living benefit ABRs
+ Surviving Spouse Pay
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There are several options that are perfect for family protection purposes.
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Term life insurance
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Term life insurance with living benefit ABRs
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Guarantee universal life insurance
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Guarantee universal life insurance with ABRs
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Guarantee universal life insurance with ABRs and ROP
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Index universal life insurance
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Index universal life insurance with ABRs
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*ABRs stands for Accelerated Benefit Riders which pay death benefits to life insurance policyholders while they are alive. Benefits are paid to policyholders with a chronic illness, terminal​ illness, critical illness and injury.
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*ROP stands for Return Of Premium rider which provides for a refund of the premiums paid on a term life insurance policy if the policyholder doesn't die during the stated term. This effectively reduces the policyholder's net cost to zero. A policy with a return of premium provision is also referred to as a return of premium life insurance.
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